The hydropower industry in the US harnesses the energy of flowing water to generate electricity. Companies involved vary from those managing large hydroelectric dams to startups focused on innovative micro-hydropower technologies. As renewable energy needs grow, hydropower is gaining renewed attention for its ability to provide clean, reliable energy while contributing to grid stability. Recent government incentives and corporate investments highlight a promising future, with new technologies aimed at enhancing efficiency and minimizing environmental impacts. Interestingly, hydropower accounts for nearly 30% of the country's renewable energy production, marking its importance in the transition to sustainable energy solutions.

This list showcases a mix of corporate giants, private equity firms, and venture capital investors, headquartered primarily in metropolitan hubs like New York and Washington, D.C. With a blend of backgrounds, from energy-focused entities like Chevron and KKR to public institutions such as the U.S. Department of Energy, investors range from firms founded in the 1800s to those established more recently in the 21st century. Notably, these investors made significant moves in 2024, with a combined deal count reaching over 500 transactions, underscoring their active role in advancing hydropower investment opportunities.

Top 16 Hydropower Investors in the US

1. U.S. Department of Energy (DOE)

• Website: energy.gov
• Type: Corporate
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1977
• Headcount: 10001+
• Number of deals in 2024: 597
• LinkedIn: u-s--department-of-energy

The U.S. Department of Energy (DOE) is a public entity established in 1977, located in Washington, D.C. It is responsible for overseeing national energy policy, energy production, and nuclear power research. The DOE serves various stakeholders, including government entities and the public, by providing guidance on energy efficiency, funding opportunities, and conducting research to address energy challenges. In recent years, the DOE has been involved in several significant transactions that support energy companies, including those in the hydropower sector. For instance, the DOE provided a grant of $4.5 million to Portland General Electric in May 2023, and a substantial grant of $700 million to Allete in August 2024, among other grants to companies like Ørsted and Relevate Power. These transactions highlight the DOE's role in facilitating funding for energy projects, which may encompass hydropower initiatives.

2. IFC - International Finance Corporation

• Website: ifc.org
• Type: Venture Capital
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1956
• Headcount: 1001-5000
• Number of deals in 2024: 107
• LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization founded in 1956, focused on private sector development in emerging markets. Based in Washington, D.C., IFC provides investment, advisory, and asset management services to businesses and financial institutions, helping them access capital and expertise to foster economic growth. Operating in over 100 countries, IFC addresses challenges of poverty and promotes sustainable development. Among its notable transactions, IFC has financed the 35MW Kinguélé Aval hydroelectric dam in Gabon, providing a significant tranche of €122 million in multilateral financing for the project. This project exemplifies IFC's commitment to renewable energy, as the generated power will be sold to the national utility under a long-term power purchase agreement. Additionally, IFC has engaged with various energy companies, including Iberdrola and Engie, indicating a broader interest in the energy sector, which includes hydropower as a key component of sustainable energy solutions.

3. Breakthrough Energy

• Website: breakthroughenergy.org
• Type: Venture Capital
• Headquarters: Kirkland, Washington, United States (USA)
• Founded year: 2015
• Headcount: 51-200
• Number of deals in 2024: 38
• LinkedIn: breakthrough-energy-ventures

Breakthrough Energy is a not-for-profit organization founded in 2015, based in Kirkland, Washington, dedicated to accelerating the transition to a net-zero economy. They support innovative technologies and advocate for policies that promote clean energy solutions. Notably, Breakthrough Energy Ventures has invested in Natel Energy, which raised $20 million in a Series B funding round in July 2021, and an additional $11 million in March 2020 to finance the deployment of its Restoration Hydro Turbine (RHT). These transactions highlight Breakthrough Energy's active role in the hydropower sector, as they seek to support businesses and organizations in the clean energy industry.

4. Kkr

• Website: kkr.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1976
• Headcount: 1001-5000
• Number of deals in 2024: 74
• LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR provides asset management solutions to institutional investors and individual clients, helping them navigate complex investment landscapes to achieve strong financial returns. KKR has been active in the energy sector, notably acquiring an 11.9% stake in First Gen Corporation, a significant player in the Philippine power market, which includes hydropower generation. This acquisition, valued at approximately $193 million, reflects KKR's strategy to enhance its presence in Asian infrastructure. Additionally, KKR's involvement in various energy-related transactions, such as the acquisition of companies like Albioma and Encavis, further underscores its commitment to the energy sector, which may include hydropower projects in the future.

5. Chevron

• Website: chevron.com
• Type: Corporate
• Headquarters: Houston, Texas, United States (USA)
• Founded year: 1999
• Headcount: 10001+
• Number of deals in 2024: 16
• LinkedIn: chevron

Chevron Corporation is an energy company based in Houston, Texas, specializing in oil and natural gas exploration, production, and distribution. Founded in 1999, Chevron has a workforce of over 10,000 employees and operates globally, focusing on sustainable practices to meet the world's energy demands. In addition to their core business, Chevron is investing in renewable energy solutions and carbon capture technologies. Notably, Chevron has participated in funding rounds for companies like Natel Energy, which raised $20 million in Series B funding on July 21, 2021, indicating their interest in hydropower technology. Furthermore, Chevron's involvement in Baseload Capital, which focuses on geothermal energy projects, showcases their broader commitment to renewable energy, although it is not directly related to hydropower. Overall, Chevron's investments reflect a strategic approach to diversifying their energy portfolio, including a focus on sustainable energy solutions.

6. Goldman Sachs

• Website: goldmansachs.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1998
• Headcount: 10001+
• Number of deals in 2024: 59
• LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, founded in 1998. It offers a wide range of services, including investment banking, asset management, and wealth management, catering to a diverse clientele of corporations, financial institutions, and individuals. In recent years, Goldman Sachs has demonstrated its commitment to renewable energy through significant investments in companies like ReNew Power, which focuses on various forms of renewable energy, including hydropower. For instance, Goldman Sachs participated in multiple funding rounds for ReNew Power, contributing $50 million in a round that raised $265 million in 2015, and also involved in a $140 million private equity round in 2014. These transactions highlight Goldman Sachs' role in supporting the growth of renewable energy companies, including those in the hydropower sector.

7. Government of Canada

• Website: canada.ca
• Type: Corporate
• Headquarters: Canada, Kentucky, United States (USA)
• Founded year: 1999
• Headcount: 10001+
• Number of deals in 2024: 137
• LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In recent years, the Government of Canada has been active in funding clean energy initiatives, including hydropower. Notable transactions include grants to companies like Novus Earth, Eocycle, and ARC Clean Energy, which raised significant amounts to support their projects. For instance, ARC Clean Energy received a grant of $7,000,000 in October 2023, which highlights the government's role in promoting clean energy solutions that may include hydropower. These investments reflect the government's commitment to advancing sustainable energy practices in Canada.

8. Blackstone

• Website: blackstone.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1985
• Headcount: 1001-5000
• Number of deals in 2024: 57
• LinkedIn: blackstonegroup

Blackstone Inc. is a leading investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a reputation for delivering lasting value through its extensive portfolio and strategic investment approaches. Notably, Blackstone Infrastructure Partners has made significant investments in the renewable energy sector, including a follow-on equity investment of $1 billion in Invenergy, bringing their total investment in Invenergy's renewables business to nearly $4 billion. This investment supports Invenergy's expansion into various renewable energy projects, which may include hydropower. Additionally, Blackstone's involvement in the acquisition of Sithe Global Power highlights its interest in power generation, further solidifying its position as a player in the energy market.

9. I Squared Capital

• Website: isquaredcapital.com
• Type: Private Equity
• Headquarters: Miami, Florida, United States (USA)
• Founded year: 2012
• Headcount: 201-500
• Number of deals in 2024: 11
• LinkedIn: i-squared-capital

I Squared Capital is a private equity firm based in Miami, Florida, specializing in global infrastructure investments. Founded in 2012, the firm manages over $40 billion in assets and focuses on sectors such as energy, utilities, transport, and telecom. Notable transactions include the acquisition of Inkia Energy Ltd., the second largest power producer in Peru, which operates across nine countries and has a gross power capacity of 3.4 GW. This acquisition highlights I Squared Capital's engagement in the energy sector, which may include hydropower projects. Additionally, their acquisition of Atlantic Power Corporation for approximately $961 million further demonstrates their commitment to energy infrastructure. I Squared Capital's diverse portfolio and strategic focus on energy make them a significant player in the infrastructure investment landscape.

10. Fifth Wall

• Website: fifthwall.com
• Type: Corporate
• Headquarters: New York, New York, United States (USA)
• Founded year: 2016
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn: fifth-wall-ventures

Fifth Wall is a venture capital firm based in New York, specializing in technology investments for the real estate industry. Founded in 2016, the firm focuses on funding innovative technology companies that tackle critical issues such as climate change and infrastructure challenges. In 2023, Fifth Wall participated in a Series A funding round for Emrgy, a renewable energy startup that raised $18.4 million to deploy distributed hydropower projects and expand its operations. This investment highlights Fifth Wall's commitment to supporting renewable energy solutions, particularly in the hydropower sector. Additionally, Fifth Wall has been involved in other significant transactions, such as Electric Hydrogen, which raised substantial funding for clean energy technologies, further demonstrating their interest in sustainable investments.

11. Riverstone Holdings

• Website: riverstonellc.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 2000
• Headcount: 201-500
• LinkedIn: riverstoneholdings

Riverstone Holdings LLC is a private equity investment management firm based in New York, specializing in private equity and credit solutions within the energy, power, and infrastructure sectors. Founded in 2000, Riverstone partners with institutional investors to provide tailored investment strategies aimed at capitalizing on market opportunities and managing risks associated with energy transitions. Notably, Riverstone has been involved in significant transactions within the energy sector, including the acquisition of Talen Energy and the Susquehanna Steam Electric Station. Importantly, they also co-acquired the Eagle Pass Hydro Power Station, highlighting their engagement in hydropower investments. This diverse portfolio showcases Riverstone's expertise in navigating various energy markets while also emphasizing their commitment to hydropower as part of their investment strategy.

12. Brookfield

• Website: brookfield.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 1899
• Headcount: 1001-5000
• Number of deals in 2024: 8
• LinkedIn: brookfield

Brookfield Corporation is an investment management firm founded in 1899, based in New York, New York, specializing in managing a diverse portfolio of assets across various sectors, including real estate, renewable power, infrastructure, credit, and private equity. The firm serves both institutional and individual investors, providing solutions aimed at sustainable wealth and financial security. Notably, Brookfield has been active in the energy sector, acquiring companies and projects that align with their focus on renewable energy. For instance, they acquired Polenergia S.A., a Polish company, which may include renewable energy assets. Additionally, their acquisition of nine infrastructure projects in India included three power projects, indicating their involvement in the energy sector. Furthermore, their acquisition of Enwave Energy suggests a commitment to energy infrastructure, which could encompass hydropower. Overall, Brookfield's strategic investments in renewable energy and infrastructure position them as a potential player in the hydropower industry.

13. ECP (Energy Capital Partners)

• Website: ecpgp.com
• Type: Private Equity
• Headquarters: Summit, New Jersey, United States (USA)
• Founded year: 2005
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: energy-capital-partners

Energy Capital Partners (ECP) is a private equity investment firm based in Summit, New Jersey, specializing in energy transition and sustainable infrastructure. Founded in 2005, ECP focuses on equity and credit investments that provide capital to projects ensuring reliable and clean energy. Their portfolio includes significant acquisitions such as Calpine, a major power generation company, and Terra-Gen, which is involved in renewable energy projects. In 2024, ECP announced the acquisition of Atlantica Sustainable Infrastructure, further expanding their footprint in the sustainable energy sector. Additionally, they have invested in New Leaf Energy, which focuses on distributed generation and utility-scale projects. While their transactions do not specifically highlight hydropower, their overarching commitment to clean energy positions them as a potential player in the hydropower investment space.

14. The Carlyle Group

• Website: carlyle.com
• Type: Private Equity
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1987
• Headcount: 1001-5000
• Number of deals in 2024: 25
• LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm based in Washington, D.C., specializing in private equity, real assets, and private credit. Founded in 1987, Carlyle serves a diverse range of institutional investors, including pension funds and sovereign wealth funds, by providing tailored investment solutions across alternative asset classes. The firm has a global presence and extensive expertise in various sectors. Notably, Carlyle has made significant investments in renewable energy, such as a $374 million commitment to Amp Solar Group, which focuses on expanding its renewable energy asset base. Additionally, Carlyle's investment in Eneus Energy, aimed at developing a 14GW+ pipeline for green ammonia projects, reflects its commitment to sustainable energy solutions. These transactions highlight Carlyle's strategic focus on renewable energy, positioning it as a potential player in the hydropower sector as part of its broader investment strategy.

15. Eig

• Website: eigpartners.com
• Type: Private Equity
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1982
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: eig-global-energy-partners

EIG Global Energy Partners is a private equity firm based in Washington, D.C., specializing in energy and infrastructure investments. Founded in 1982, EIG manages approximately $24.9 billion in assets and provides structured financing solutions to institutional clients, including pension plans and sovereign wealth funds. Their investment strategy focuses on private investments in energy-related projects globally, addressing the capital needs of energy companies. Notable transactions include a $125 million investment in Greenko Group, which is involved in renewable energy, including hydropower, and a €500 million structured finance facility for ILOS Projects, a German independent power producer. While EIG has a diverse portfolio, their involvement in hydropower is not explicitly highlighted in their recent transactions, indicating a broader focus on various energy sectors.

16. Citi

• Website: citigroup.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 1812
• Headcount: 10001+
• Number of deals in 2024: 107
• LinkedIn: citi

Citigroup Inc. is a financial services company based in New York, providing a range of banking and investment services to individuals and businesses. Founded in 1812, Citi operates in various sectors, including commercial banking, investment banking, and wealth management. In 2023, Citi was involved in a significant transaction with Iberdrola, raising approximately $935 million in post-IPO debt, which is relevant to the hydropower sector as Iberdrola is a major player in renewable energy, including hydropower. Additionally, Citi participated in financing for Adani Energy Solutions and Adani Enterprises, which are involved in energy production, although their primary focus is not solely on hydropower. These transactions indicate Citi's active role in the energy investment space, making them a potential investor in hydropower projects.

Hydropower Insights: Key Investors in the US

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